Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-996-FUND. The Funds impose a 2.00% redemption fee on shares held 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced. The gross expense ratio for the Select Fund-Investor Shares is 1.98%. The net expense ratio for the Select Fund-Investor Shares is 1.40%. The Fund’s Advisor contractually agreed to waive certain fees through January 31, 2019.

The Fund's inception date is 7/31/2015.

Annual Performance

Investor

Morningstar Small Cap Index

S&P MidCap 400 Index

2018

-15.49%

-12.11%

-11.08%

2017

15.11%

15.03%

16.24%

2016

23.40%

20.25%

20.74%

Growth of $10K - Investor Class as of 12/31/18

The charts illustrate the performance of a hypothetical $10,000 investment made in the Fund’s share class since inception. Assumes reinvestment of dividends and capital gains but does not reflect the redemption fees.

3 Year Risk and Return as of 12/31/18

ICMTX

Small Cap Value Fund

Risk is the annualized monthly standard deviation and the Fund Peer Average consists of 489 funds per Bloomberg's Small Cap Value classification.

Per the Prospectus dated January 31, 2018, the annual operating expense (gross) for the Select Fund-Investor Shares is 1.98%. The Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2019 such that Net Expense Ratio for the Select Fund-Investor Class is 1.40%. The Net Expense Ratio represents the percentage paid by investors. Otherwise, performance shown would have been lower.

The Intrepid Select Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer). A non-diversified Fund's shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, a non-diversified Fund may be more sensitive to economic, business and political changes, because of the larger impact of fluctuation in the values of securities of fewer issuers. The Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks of owning ETFs generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks.

Diversification does not guarantee a profit or protect from loss in a declining market.

Investment performance reflects fee waivers. In the absence of waivers, total return would be reduced.

The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 866-996-FUND (3863).

The Intrepid Capital Management Funds are not offered for sale in countries other than the United States and its territories; Guam, Puerto Rico and the U.S. Virgin Islands. The Funds may not sell its shares without registration in any other states.